The Finance Act 2024 has introduced several amendments to the Goods and Services Tax (GST) regime. These changes affect tax rates, compliance procedures, and filing requirements.
## Rate Changes
Several goods and services have seen rate adjustments:
- Restaurant services: Rate reduced to 5%
- Healthcare services: Exemptions expanded
- Educational services: Clarifications on taxability
## Compliance Updates
New compliance requirements include:
- Monthly return filing for certain categories
- Enhanced e-invoicing requirements
- Stricter input tax credit provisions
- New reconciliation requirements
## Effective Dates
Most changes are effective from April 1, 2024. Businesses should update their systems and processes accordingly.